Value at risk (VaR) determines the maximum value we can lose for a given confidence level. For this reason, Kenneth Fulton is concerned that the VaR is not providing the magnitude of the actual loss. He has prepared the following table based on the assumption that returns are normally distributed and a corresponding n = 5. What is the expected shortfall using the information in the following table at the 95% confidence level?

| Confidence level | VaR |

|------------------|-------|

| 95% | 1.6392|

| 96% | 1.7507|

| 97% | 1.8808|

| 98% | 2.0537|

| 99% | 2.3263|